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It is true — owning your dream car is a cherished dream. Here are some quick, easy loans that are tailor-made to take you to your dream drive. MoneyRaksha guides you through the choices and helps you take all the right steps… so you get the car that you want, through the best deal!
Your eligibility depends on your income, and the make and model of your car. Typically, banks loan you 80 per cent of the ex-showroom price of your car; it's a little flexible if you are the bank's customer. The monthly payment — EMI — will be around 50 per cent of your monthly income. That is a large slice, and it would mean that you manage your other expenses such as rent, food, utility bills, etc, with the other 50 per cent of your income. Therefore, while planning your EMIs, allocate enough for your home, so that you are not financially strained by your EMI payments.
We help you navigate the fine print such as additional fees and charges, which vary from one institution to another. For example, the bank's processing fee is approximately one per cent of the loan amount, and it is generally capped. Also, if the loan is cleared earlier than planned, there is a foreclosure penalty of four per cent of the foreclosed amount.
The repayment period varies between 1-5 years, depending on your loan policy and your loan amount. Do remember that the earlier you pay off the loan, the lesser is the interest you pay. It is, therefore, advisable to keep the duration of your loan repayment to a minimum time.
We understand that getting together the right documents can be stressful. At MoneyRaksha, we help you cruise through this stage. Typically, you might require one or more of the following documents:
However, if you hold a fixed deposit account with the bank that you seek a loan from, your loan processing becomes much easier.
The extremely competitive car loan market has several players vying for your attention. It's ideal to compare various offers and choose a loan that best meets your needs.
At MoneyRaksha, we have all the information and expertise to help you negotiate a good deal. At every step of the process, we guide you to ensure a trouble-free transaction. You gain from:
A good education is the single most valuable gift you can bequeath your child. After all it's the very foundation on which his/her future is built. And when it comes to higher studies or specialisation in certain fields, you do need additional financial support from time to time. Sure, there are scholarships, but those are small in number, and only a lucky few can avail them.
Education loans step in to fulfill this need, to encourage your children to pursue higher education despite financial shortcomings. Whether it is towards a basic school education, a graduate or post-graduate degree in India, or to study abroad, education loans finance these ambitions and goals.
At MoneyRaksha, we understand that as a parent, you want to leave no stone unturned to ensure that your child gets the best. We, therefore, help you weigh all the available options, to get an education loan that not only covers the tuition fee, but also any other expense involved.
To avail an education loan, there are certain pre-requisites:
You can apply for an education loan for the following courses, in India:
The courses eligible for study abroad are:
The loan amount primarily depends on whether your loan is to finance studies in India or abroad. For studies in India, you can borrow up to Rs 4 lakh, without providing any security. However, for a higher amount, you need a third party guarantee.
For overseas study loans, amounts above Rs 7 lakh are given against fixed deposits, NSC certificates, or property worth the loan amount.
The loan covers tuition fee payable to the school/ college; library and lab fees; caution deposit or a refundable deposit sought by the institution, supported by bills and receipts; purchase of books and equipment; and travel expenses for studies abroad.
While education loans are easily available from banks and financial institutions, you must understand the loan components and the accompanying fees and charges. These include:
The loan has to be re-paid within 5-7 years after commencement of the repayment. In case of education loans, there is a moratorium period i.e. a holiday on repayment, which is generally the course period plus one year or six months, after the student starts earning, whichever is earlier.
Putting together documents is always a bit of a stress. Typically, banks require all or any of the following documents, along with the completed application form:
Since the interest rates vary significantly from bank to bank, we advise that you compare all the offers before you find one that fits your needs. A few points that you need to consider:
We help you make an informed choice, absolutely free of cost. We offer:
Are you planning a holiday? Do you need financial assistance for marriage-related expenses? Do you want to indulge in the latest lifestyle gadget? Or are you simply in need of quick cash? Personal loans help you meet these or any kind of personal expenses.
However, you need to keep in mind that personal loans have high interest rates, making them the most expensive loans in the market. You, therefore, need to plan your loan and be careful while selecting it.
At MoneyRaksha, we provide an easy-to-use platform to review the various personal loans offered by banks and financial institutions. We guide you through the research and understanding of the costs and benefits involved and help you get the right personal loan that smoothens your cash flow and addresses your immediate needs.
A personal loan is an unsecured loan. This means that you don't have to provide the bank with any kind of security like property or jewellery against the loan. Personal loans can range from an amount of Rs 50,000/- to Rs 20 lakh.
The loan amount you are eligible for as well as the interest rate depends on factors such as your income and employment, residence, and credit history. Typically, the EMI is pegged at 50 per cent of your take home income, a rather high amount, which translates that you manage your other expenses like rent, food, etc with the remaining 50 per cent. Therefore, plan your personal loan so that you are not financially strained to pay your EMIs.
When you choose a personal loan, you must make a note of the charges that are levied by the bank that determine the real cost. This includes:
Personal loans are short-term loans repayable over a period of one to five years.
Since a personal loan is an unsecured loan, it can be accessed with minimal paperwork or documentation. You may need to submit the following documents to process your loan application:
You may also need to provide guarantors. If you are self-employed, you may need to furnish additional documents like balance sheets, profit and loss accounts, partnership deed, etc.
It is easy to find banks that are willing to give you the money you need, whatever be your reason. But aside from their willingness, finding a good deal is not quite so easy. Here are some points to consider:
At MoneyRaksha, we understand that picking the right personal loan can be hard. We, therefore, help you choose your loan wisely, so that you borrow only what you can afford to repay. We provide you:
Buying a house is probably the biggest purchase you make in your life. Having your own home gives you tremendous stability and security, along with the freedom of personalising your living space.
Owning a home has many advantages. When you make a loan payment, you are building equity, and that is an investment. You also qualify for exemptions on your personal taxes.
However, home ownership means considerable efforts to ensure that the process moves as smoothly as possible. That's where MoneyRaksha steps in. We take you through the home loan roadmap, from start to finish, helping you make home-buying easier.
There are different types of home loans available today, catering to different borrowing needs. You can avail a:
Your loan eligibility depends on your income, savings history, stability of occupation, number of dependants, and the value of the property you wish to purchase. Typically, banks loan you 75-85 per cent of the value of your property. The monthly payment — EMI — is around 40 per cent of your monthly income.
While acquiring a home loan, you must consider the accompanying charges and fees. At MoneyRaksha, we help you study the minute details, such as those outlined below, while comparing the cost structure across banks.
Most banks offer home loans which can be repaid over a period of up to 20 years (15 years for NRIs).
If you are applying for a home loan, you may be worried about the documents that you need to submit to secure the loan. We, at MoneyRaksha, verify your documents and check to make sure that they match the details that you have submitted with your loan application. Typically, you may need to submit:
In addition, banks ask for specific documents, depending upon your employment status. If you are a salaried individual, you may need to submit:
If you are self-employed, you need to provide:
With competing home loan schemes offered by banks and lending institutions, you may be at a loss, as to which product to opt for. We advise that you compare all the offers before you find one that fits your needs. A few points that you need to consider:
At MoneyRaksha, we help you make an informed choice with all the facts at your fingertips. We offer:
There are times when you require a loan to finance a dire need or tide over a cash crunch. At these times, your property can be a suitable security to structure your loan and meet your requirement.
Loans against property give you access to finance, on the basis of the property you hold. You don't have to worry about loan applications being rejected or too many questions from the bank or financial institution. And again, there are no restrictions on the purpose for which the loan can be used — marriage expenses, children's education, travel costs, or home renovation — you can use this loan for almost anything since it has a sound security backing it.
However, as with other loans, you do need to traverse through some paperwork. And that's where MoneyRaksha steps in to make the process smoother and easier for you.
The loan amount ranges from Rs 2 lakh to Rs 1 crore, depending on your income, savings, debt obligations, value of the property, and of course, your repayment capacity and track record. The loan amount comprises a certain percentage of the market value of the property; the maximum amount you can borrow is generally 70 per cent of the market value of the property. This could vary depending on whether the property is a commercial or residential one. Also, remember that most banks do not accept properties that are on lease or those that are based on a power of attorney.
While this multi-purpose loan can be easily availed, make sure you scan through the fees and processing charges that accompany the loan. This may include:
Loans against property have to re-paid within a maximum period of 20 years depending on the loan amount and your individual capacity. It is important to note that if you are unable to pay the full loan amount, the bank or financial institution can take possession of your property. Therefore, be wise when you make your decision.
In addition to the standard documents such as identity and residence proof, income proof, and bank account statements, a loan against property would require you to submit one (or more) of the following documents (as applicable):
If you do qualify for a loan against property, it is certainly preferable as it offers a longer tenure for repayment, a lower interest rate, and a variety of repayment options. However, we do advise that you compare loan offers before choosing one gives you maximum benefits and serves your purpose. You must check for:
The total cost of your loan is the loan amount + total interest charged throughout the loan tenure + processing fees and other taxes.
When you choose to make use of the power of your property to raise money for your requirements, we, at MoneyRaksha, help you make an informed choice. We seek to give you: